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Disbursal of long awaited revival fund to begin from next month
11 Feb '09
1 min read
Finally, the long awaited N70 billion textile industry revival fund will be released by the government from early next month. This was announced by the Minister of State for Finance, Mr Babalola at a meeting of the joint senate committee on Banking, Finance and Insurance.
Mr Babalola said that despite the fact that the manufacturing industry contributes only 3 percent to the Gross Domestic Product (GDP), there was an urgent need to help and bail out the textile industry which provides employment to more than 500,000 people, whose jobs are at stake if measures are not undertaken.
The Nigerian textile and garment industry, which has seen better times in the recent past, has been afflicted by smuggled goods, which have overtaken the domestic products in terms of popularity and the minister called upon the border authorities to tighten controls at border check posts to check infiltration of the same.
Mr Babalola said that despite the fact that the manufacturing industry contributes only 3 percent to the Gross Domestic Product (GDP), there was an urgent need to help and bail out the textile industry which provides employment to more than 500,000 people, whose jobs are at stake if measures are not undertaken.
The Nigerian textile and garment industry, which has seen better times in the recent past, has been afflicted by smuggled goods, which have overtaken the domestic products in terms of popularity and the minister called upon the border authorities to tighten controls at border check posts to check infiltration of the same.
Fibre2fashion News Desk - India
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